The pros of conscription:
-easiest way to fix manpower shortages
-better variety and quality of recruits
-soldiers just want to win the war and go home
-draftees are cheaper; no need for good pay or bonuses to recruit more troops
And the cons:
-people with money and connections can avoid service
-harsh discipline required since many conscripts don't want to be there
-politicians more likely to engage in wars of choice rather wars of necessity
-it's immoral to force people to risk their lives and commit violence
On the whole, I think the all-volunteer system is better for many reasons. In the case of the US, there is no need for a large peacetime military. Even if nuclear weapons didn't exist, it's basically impossible to successfully invade and conquer a country as big and isolated as the America.
Any country with nuclear weapons is safe from conquest, occupation, and regime change, no matter how vulnerable it is to conventional attacks.
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